IRIS Accounts Production v23.3.1.45 SC030933 Board of Directors 1.9.22 31.8.23 31.8.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0309332022-08-31SC0309332023-08-31SC0309332022-09-012023-08-31SC0309332021-08-31SC0309332021-09-012022-08-31SC0309332022-08-31SC030933ns15:PoundSterling2022-09-012023-08-31SC030933ns11:Director12022-09-012023-08-31SC030933ns11:PrivateLimitedCompanyLtd2022-09-012023-08-31SC030933ns11:SmallEntities2022-09-012023-08-31SC030933ns11:AuditExempt-NoAccountantsReport2022-09-012023-08-31SC030933ns11:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-31SC030933ns11:SmallCompaniesRegimeForAccounts2022-09-012023-08-31SC030933ns11:FullAccounts2022-09-012023-08-31SC030933ns6:CurrentFinancialInstruments2023-08-31SC030933ns6:CurrentFinancialInstruments2022-08-31SC030933ns6:ShareCapital2023-08-31SC030933ns6:ShareCapital2022-08-31SC030933ns6:RevaluationReserve2023-08-31SC030933ns6:RevaluationReserve2022-08-31SC030933ns6:RetainedEarningsAccumulatedLosses2023-08-31SC030933ns6:RetainedEarningsAccumulatedLosses2022-08-31SC03093312022-09-012023-08-31SC030933ns6:WithinOneYearns6:CurrentFinancialInstruments2023-08-31SC030933ns6:WithinOneYearns6:CurrentFinancialInstruments2022-08-31
REGISTERED NUMBER: SC030933















J. H. LIGHTBODY & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023






J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 400,000 500,000

CURRENT ASSETS
Debtors 5 4,677 488
Cash at bank 64,997 67,983
69,674 68,471
CREDITORS
Amounts falling due within one year 6 254,537 223,817
NET CURRENT LIABILITIES (184,863 ) (155,346 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,137

344,654

PROVISIONS FOR LIABILITIES 7,507 33,191
NET ASSETS 207,630 311,463

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Fair value reserve 32,005 273,173
Retained earnings 173,125 35,790
207,630 311,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)

BALANCE SHEET - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2023 and were signed on its behalf by:





J Lightbody - Director


J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

J.H. Lightbody & Son Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Aultwhur By Craigievern, Stirling Road, Balfron Station, Glasgow, G63 0NQ .

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There have been no material departures from that standard. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover
Turnover represents rents, dilapidations and insurance charges receivable on a straight line basis over terms of the lease agreements from the lease of the investment properties.

Investment property
The company's investment property is held for long term investment and accounted for as follows:-

(i) Investment property is initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment property is revalued at each balance sheet date to it's fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

J. H. LIGHTBODY & SON LIMITED (REGISTERED NUMBER: SC030933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 500,000
Revaluations (100,000 )
At 31 August 2023 400,000
NET BOOK VALUE
At 31 August 2023 400,000
At 31 August 2022 500,000

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2021 50,000
Valuation in 2007 256,364
Valuation in 2023 (100,000 )
Cost 193,636
400,000

The fair value of investment property at 31 August 2023 has been arrived at on the basis of a valuation carried out at that date by the directors who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the property is situated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,677 488

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 254,537 223,817

7. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the directors £252,824 (2022: £216,667). The amount due is interest free, unsecured and repayable on demand.